By Laura Lutz
Des Moines, May 24 - MAX Resource Corp. raised C$6.875 from its previously announced private placement of units, completing the brokered portion of the deal and a first tranche of the non-brokered portion.
In the brokered part, the company sold 5 million non flow-through units at C$1.00 each and 500,000 flow-through units at C$1.20 each. A syndicate led by Pacific International Securities Inc. and including Research Capital Corp. were the agents.
The company also sold 1.275 million non flow-through units on a non-brokered basis.
In total, the non-brokered part of the placement is expected to include 2.75 million non flow-through units and up to 209,000 flow-through units. The company does not expect to sell any more brokered units.
The non flow-through units each consist of one non flow-through share and one half-share transferable warrant.
The flow-through units each consist of one flow-through share and one half-share transferable warrant.
Each warrant from either series of units is exercisable at C$1.30 for 18 months.
The deal priced on April 19 as a C$7.1 million offering.
Proceeds will be used for exploration on the company's properties and for working capital.
Based in Vancouver, B.C., MAX is a uranium, precious metals and base metals exploration company.
| Issuer: | MAX Resources Corp.
|
| Issue: | Units of one non flow-through share and one half-share warrant; units of one flow-though share and one half-share warrant
|
| Amount: | C$8,600,800
|
| Agents: | Pacific International Securities (lead) and Research Capital Corp. (for 500,000 flow-through units and 5 million non flow-through units); non-brokered (for 209,000 flow-through units and 2.75 million non flow-through units)
|
| Pricing date: | April 19
|
| Upsized: | May 14
|
| Settlement date: | May 24 (for C$6.875 million)
|
| Stock symbol: | TSX Venture: MXR
|
| Stock price: | C$1.13 at close April 13
|
| Stock price: | C$1.23 at close May 14
|
| Stock price: | C$1.13 at close May 24
|
|
|
| Flow-through units
|
| Units: | 709,000
|
| Price: | C$1.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.30
|
|
|
| Non flow-through units
|
| Units: | 7.75 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.30
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
